StarkNet’s price has bounced back strongly, reclaiming much of its previous losses, thanks to StarkWare’s decision to decrease the initial token release from 13.4% to 0.64%.
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StarkNet’s cryptocurrency, STRK, surged 11% in the past day, reaching $2.10. This is a big relief for StarkNet, which saw significant selling pressure after its token airdrop. The price hike follows StarkWare’s adjustment of the token release structure for STRK.
StarkWare Adjusts STRK Token Release Process
In response to user concerns, StarkWare, in an official statement, announced a more gradual unlocking process for its cryptocurrency, STRK. The company reduced the initial token release from 13.4% to 0.64% to address worries about the perception of distributing a large portion of tokens to a select few at launch, which could be seen as “predatory.”
StarkWare clarified that tokens held by early contributors and investors of StarkNet are subject to a lockup period. These parties played vital roles in supporting StarkWare during its research and initial development of StarkNet.
Around one-third of the tokens held by these early contributors and investors, totaling approximately 1.3 billion tokens, were set to unlock on April 15th. Initially, StarkWare scheduled the token launch for November 29, 2023, but later postponed it by five months to April 15, 2024.
StarkWare Updates Token Unlocking Schedule
Under the revised plan, StarkWare will unlock only 64 million tokens, equivalent to 0.64% of the total 10 billion StarkNet tokens, on April 15. Subsequently, an additional 64 million tokens will be released monthly. Starting March 15, 2025, the monthly release will increase to 1.27% (127 million tokens) and continue for the next two years.
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With this adjusted unlocking schedule, 580 million tokens held by early contributors and investors are expected to be unlocked by the end of 2024, in contrast to the initial plan of unlocking 2 billion tokens within the same timeframe. Additionally, 1.4 billion more tokens will gradually become available by the end of 2025, followed by the unlocking of another 1.5 billion tokens by the end of 2026. Finally, 380 million tokens are set to unlock by March 15, 2027.
Despite today’s rally, the StarkNet price remains 11% lower on the weekly chart, although it has managed to recover some lost ground.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
